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Ireland's Independent News to up stake in Jagran
Newspaper publisher Jagran Prakashan Ltd. said on Thursday Ireland's Independent News&Media Plc. has approached the Indian market regulator to up its stake in the Indian firm by up to 3%, reports Reuters.
Newspaper publisher Jagran Prakashan Ltd. said on Thursday Ireland's Independent News&Media Plc. has approached the Indian market regulator to up its stake in the Indian firm by up to 3%, reports Reuters.
The application to the regulator to buy 1-3% in the Indian firm from the open market was made by Independent News&Media Investments Ltd., a wholly owned unit of the Irish firm. Independent now owns just over 20% in the company.
Foreign firms can hold up to 26% in an Indian newspaper."They want to take the maximum possible within the 26% limit," said Chief Financial Officer, R.K. Agarwal. The price at which the shares will be purchased was not known, he said. Shares in the company that made their market debut in February, rose 3.64% to Rs 310 in a slightly weak Mumbai market.
Jagran Prakashan, which publishes India's largest-selling daily newspaper, last week said it plans to luanch a low-priced newspaper title in September.
Jagran Prakashan, which publishes India's largest-selling daily newspaper, last week said it plans to luanch a low-priced newspaper title in September.
